Royal Bank Of Canada Reiterates “Buy” Rating for TrueCar, Inc. (NASDAQ:TRUE)
TrueCar, Inc. (NASDAQ:TRUE)‘s stock had its “buy” rating restated by stock analysts at Royal Bank Of Canada in a research report issued to clients and investors on Friday. They presently have a $22.00 price objective on the technology company’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 14.88% from the stock’s current price.
Several other analysts have also recently issued reports on TRUE. Cowen and Company increased their price target on shares of TrueCar from $13.00 to $15.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 25th. B. Riley restated a “buy” rating and set a $21.50 target price on shares of TrueCar in a research note on Tuesday, May 2nd. Zacks Investment Research upgraded shares of TrueCar from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Friday, May 5th. Craig Hallum upped their target price on shares of TrueCar from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Finally, TheStreet upgraded shares of TrueCar from a “d” rating to a “c” rating in a research note on Monday, May 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $18.50.
Shares of TrueCar (TRUE) traded up 1.86% on Friday, hitting $19.15. 1,426,935 shares of the stock were exchanged. The stock’s market cap is $1.78 billion. TrueCar has a 52-week low of $8.09 and a 52-week high of $21.75. The company’s 50 day moving average is $19.65 and its 200-day moving average is $16.47.
TrueCar (NASDAQ:TRUE) last issued its quarterly earnings results on Tuesday, May 9th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The business had revenue of $75.80 million for the quarter, compared to analysts’ expectations of $73.34 million. TrueCar had a negative net margin of 12.64% and a negative return on equity of 13.82%. The business’s quarterly revenue was up 22.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Analysts predict that TrueCar will post ($0.01) EPS for the current fiscal year.
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In other TrueCar news, CFO Michael Guthrie sold 290,052 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $18.66, for a total value of $5,412,370.32. Following the transaction, the chief financial officer now directly owns 390,467 shares in the company, valued at $7,286,114.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeff Swart sold 34,863 shares of the stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $19.82, for a total transaction of $690,984.66. Following the completion of the transaction, the executive vice president now owns 99,084 shares in the company, valued at $1,963,844.88. The disclosure for this sale can be found here. Insiders sold 1,513,149 shares of company stock worth $28,870,907 over the last quarter. 17.30% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in TRUE. Sei Investments Co. bought a new position in shares of TrueCar during the first quarter valued at approximately $167,000. Swiss National Bank raised its position in shares of TrueCar by 3.3% in the first quarter. Swiss National Bank now owns 77,500 shares of the technology company’s stock valued at $1,199,000 after buying an additional 2,500 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of TrueCar by 4.4% in the first quarter. Bank of New York Mellon Corp now owns 341,422 shares of the technology company’s stock valued at $5,282,000 after buying an additional 14,439 shares in the last quarter. Falcon Point Capital LLC bought a new position in shares of TrueCar during the first quarter valued at approximately $16,441,000. Finally, State Board of Administration of Florida Retirement System raised its position in shares of TrueCar by 12.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 92,172 shares of the technology company’s stock valued at $1,426,000 after buying an additional 9,936 shares in the last quarter. Institutional investors own 83.67% of the company’s stock.
TrueCar Company Profile
TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for a range of enterprises.
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